Legacy Reserves LP (LGCY) : Traders are negative on Legacy Reserves LP (LGCY), as it has 2.6% of short positions outstanding compared to its float. The total shorts have reduced by -324,277 shares, which is a -17.1% reduction. From Jul 29, 2016, to August 15, 2016, the shorts came down from,1,899,185 to 1,574,908 shares. While the daily trading volume of the stock is 691,602, there are 2 days remaining to cover the open short positions. The short interest indicates that the traders dont see a large downside in the stock from the current levels. The short interest information was released on Wednesday Aug 24th after the market close.
Legacy Reserves LP (NASDAQ:LGCY): The stock opened at $1.59 on Wednesday but the bulls could not build on the opening and the stock topped out at $1.63 for the day. The stock traded down to $1.52 during the day, due to lack of any buying support eventually closed down at $1.55 with a loss of -3.13% for the day. The stock had closed at $1.60 on the previous day. The total traded volume was 439,631 shares.
In a related news, The Securities and Exchange Commission has divulged in a Form 4 filing that the director of Legacy Reserves Lp, Vann Kyle D had purchased shares worth of $104,250 in a transaction dated on October 1, 2015. A total of 25,000 shares were purchased at a price of $4.17 per share. The information is based on open market trades at the market prices.Option exercises are not covered.
Legacy Reserves LP (Legacy) is a master limited partnership Company. The Company focuses on the acquisition and development of oil and natural gas properties primarily located in the Permian Basin, Rocky Mountain and Mid-Continent regions of the United States. As of December 31, 2014, the Company had proved reserves of approximately 139.0 Million Barrels of Oil Equivalent (MMBoe), of which 50% were oil and natural gas liquids (NGLs) and 89% were classified as proved developed producing, 2% were proved developed non-producing and 9% were proved undeveloped. The Companys proved reserves to production ratio were approximately 11.6 years based on the annualized production volumes. The Company completed 136 acquisitions of oil and natural gas properties for a total of approximately $2.1 billion.